Tenancy in Common

A form of co-ownership of an asset such as real property where each co-owner has an undivided interest in the property, but each owners interest maybe transferred at death without approval of the other co-owner in the absence of a written co-tenancy agreement that states otherwise. Unlike property held in Joint TenancyOwnership of an asset titled in the names of one or more persons and may have the feature of right of survivorship to the surviving owner. or as Joint Tenants, normally an owner’s Tenancy in CommonA form of co-ownership of an asset such as real property where each co-owner has an undivided interest in the property, but each owners interest maybe transferred at death without approval of the other co-owner in the absence of a written co-tenancy agreement that states otherwise. Unlike property held in Joint Tenancy or as Joint Tenants, normally an owner’s Tenancy in Common ownership share does not pass to the other co-owners at death. Therefore Tenancy in Common property typically does not pass by law to the other co-owner(s) and the owner can pass his or her share to his or her issue or beneficiaries as desired. ownership share does not pass to the other co-owners at death. Therefore Tenancy in CommonA form of co-ownership of an asset such as real property where each co-owner has an undivided interest in the property, but each owners interest maybe transferred at death without approval of the other co-owner in the absence of a written co-tenancy agreement that states otherwise. Unlike property held in Joint Tenancy or as Joint Tenants, normally an owner’s Tenancy in Common ownership share does not pass to the other co-owners at death. Therefore Tenancy in Common property typically does not pass by law to the other co-owner(s) and the owner can pass his or her share to his or her issue or beneficiaries as desired. property typically does not pass by law to the other co-owner(s) and the owner can pass his or her share to his or her issueA person’s children and/or lineal descendants such a grandchildren and great-grandchildren. It refers to a direct blood line in Wisconsin along with legally adopted persons. In Wisconsin the term “issue by right of representation” is commonly used to indicate that a share of beneficiary, if predeceased, shall be distributed to his or her children or lineal descendants. Although slightly different this is often also referred to as Per Stirpes distribution. or beneficiaries as desired.